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From Elon Musk to Russian cybercriminals, it seems like every day brings another sensational story involving cryptocurrency. To say that investors are grabbing it would be an understatement.
A new GOBankingRates survey of current investors reveals how far traditional cryptocurrency has evolved. Over 40% of people with money on the stock market have already traded Bitcoin or one of the thousands of altcoin aspirants. Many, many more are interested but unable or unwilling to engage. The study delved into the subject in great detail, exploring variables such as age, level of investment, and gender and the results might surprise you.
Check Out: 10 Best Cryptocurrencies To Invest In For 2021 Counterpoint: Is It Too Late To Invest In Crypto?
The 999 respondents who took part in the study came from all over the country. All were at least 18 years old, but young adults dominated the survey:
18-24: 23.92%
25-34: 23.22%
35-44: 27.33%
45-54: 12.41%
55-64: 6.91%
65+: 6.21%
In terms of gender, 57.26% of survey respondents were male and 42.74% were female. More importantly, the investigation eliminated anyone who did not yet have any money invested in the stock market. The vast majority, around 24%, have been in the market for five years or more and around 40% have been invested for at least one year. The largest group, about one in five, had investments of $ 20,000 or more, but a majority had less than $ 5,000 at stake.
Find out: How to invest in cryptocurrency
Investors are very likely to be or wish they were invested in crypto
The big news from the study is that more than four in 10 people invested in the stock market, 40.94% also invest in cryptocurrency. Only about 14% are not interested in crypto at all, but a whole bunch of potential crypto investors are straddling the fence.
Nearly one in four wish they could buy a stake in the cryptocurrency, but don’t know enough about it to put money aside. Another 16% don’t have the funds, but would invest if they did.
The story continues
Find Out: Why Some Money Experts Believe In Bitcoin And Others Don’t
Survey participants were also asked how they would invest $ 1,000 if given to them for free, but they could only invest it one way. One in three respondents said they would put it in stocks, which would not cause any particular shock given that all respondents were already invested in the market. What was surprising was that selection # 2 16% said they put the thousand in Bitcoin or some other cryptocurrency. Although the question was not asked, it can be reasonably inferred that people are more willing to take risks if they gamble with the money in the house.
Discover: Beyond Bitcoin: A Review of Crypto Financial Jargon
The 60% not invested might be wise to wait
While it’s certainly impressive that over 40% of investors have at least dabbled in crypto, there are still 60% who keep their money off the crypto table.
Recent news provides a glimpse of their reluctance.
In early June, it emerged that federal authorities had seized and recovered almost all of the cryptocurrency-based ransom that a U.S. energy company paid to Russian cybercriminals who hijacked a major pipeline. Bitcoin crashed below $ 32,000 on news that it was trading above $ 60,000 in April, but that was nothing new. Stomach volatility and an endless bubble-crash-repetition cycle have been around since the early 2010s.
See: What is Chainlink and why is it important in the cryptocurrency world?
The moment also reinforced the perception of cryptocurrency as a sketchy mechanism of a shadow economy outside of the mainstream. Additionally, investors were once again forced to question the security and anonymity that has long been touted by crypto advocates. While it was good that foreign criminals were denied their ransom, how could the FBI find and seize the account so quickly if the crypto is so secure, anonymous and decentralized?
Ultimately, crypto realizes that this is undeniable, but the mainstream is still an adjective that is just out of reach when debating the status of cryptocurrencies as a legitimate investment.
More from GOBankingRates:
Methodology: GOBankingRates surveyed 999 Americans aged 18 and over from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and / or saving your money? Select all that relates to it; (2) Which of the following best matches your investment objectives? ; (3) If you received an additional $ 1,000, which of the following do you think is the best way to invest it? ; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that relates to it; (5) When did you start investing your money in the stock market (not counting retirement accounts like an IRA or 401k) and / or cryptocurrencies? ; and (6) How much money have you currently invested in stocks or cryptocurrencies ?. All respondents had to answer a screening question: Do you currently invest / do you have money in the stock market?, With a response Yes. GOBankingRates used the PureSpectrums survey platform to conduct the survey.
This article originally appeared on GOBankingRates.com: Crypto Mainstream Now? More than 4/10 investors say they invest money in cryptocurrency
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